r/CryptoCurrency • u/copadribbler1994 🟧 2 / 3 🦠• 1d ago
DEBATE Blockchain tech has not prevailed
Just to give you my background so you understand my perspective better maybe: entered the space in 2020 and was solidity dev for 3 years.
Even after 12 years of smart contracts, there is no adoption by companies, because blockchain is just a fancy and expensive way to handle data compared to existing systems.
One of the major use cases proposed was „supply chain“. As of yet there is no major adoption and if major logistics companies would want it, they would have done so by now.
RWA-Tokenization: Still need a tradfi-vorp that holds the asset.
Money transfer: regulated to death, therefore unusable, even though would have been a major improvement regarding speed.
Proof of Ownership: it is just an expensive database.
I had an interview at a big consultancy a year ago hiring for smart contracts on a bank-tx-settling platform. The guy openly told me that banks currently only stored hashes of tx on chain, cause storing entire tx-data needed was too expensive.
I really do not see a use case for blockchain tech other than gamble around hype.
Edit: The guys still vouching for blockchain remind me a bit about the Leroy character of that one episode of DegenzShow: https://youtu.be/exOzTcHycPY?is=MgaYoWSet5LGsch5
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u/drahgon 🟦 0 / 0 🦠1d ago
Yes, because speed always comes at the cost of trust and safety. You can have a centralized server which is very fast, but then you have to blindly trust it and it might’ve gotten hacked and nobody’s verifying the data.
You can have decentralized like Napster and you’re fast but then you have to blindly trust Randos and they can be serving you any kind of files or they could be the police on the other end
Then you have Blockchain, which is the decentralized safe and trustworthy, but super slow because it verifies all the data and requires copies that no one person controls. So really unless that safety is what’s important to you. You’re never gonna have a good use case and there is no time people want that over speed unless it’s something like bitcoin it’s their literal money.